Promosi Doktor Program Pascasarjana Ilmu Akuntansi (PPIA) FEUI

Vera Diyanty

Pengaruh Kepemilikan Pengendali Akhir

terhadap Transaksi Pihak Berelasi dan Kualitas Laba

Kamis, 19 Juli 2012

bertempat di Gedung Pascasarjana Lt.4 FEUI, Kampus Widjojo Nitisastro, UI Depok

Promotor                  : Prof. Sidharta Utama, Ph.D., CFA

Ko Promotor 1          : Hilda Rossieta, Ph.D.

Ko Promotor 2          : Dr. Sylvia Veronica NPS

Ketua Tim Penguji  : Prof Akhmad Syahroza, Ph.D.

Anggota                     : Prof. Dr. Adler Manurung

                                   : Dr. Helson Siagian

                                   : Dr. Mahyus Ekananda

                                   : Dr. Ratna Wardhani

ABSTRACK

Name                     : Vera Diyanty

Study Program     : S3 Pasca Ilmu Akuntansi

Title                       : The Effects of Ultimate Controlling Ownership to Related Party Transaction and Earning Quality

The aim of this research is to investigate the effect of expropriation incentive from the ultimate controlling owner to the amount of related party transaction and earning quality. Furthermore, this research also investigate the moderating role from the variable of  family ownership and the implementation of corporate governance to the amount of related party transaction and the quality of earning as well. We argue that companies with families as controlling shareholders may have a higher agency conflict between the controlling shareholders and non-controlling shareholders and may result an entrenchment. Families controlling shareholders can indirectly influence the amount of related party transactions and earning quality. The practice of corporate governance (GC) is required to help the external parties of capital market to oversee the management as well as to protect the shareholders right which also include non-controlling shareholders. Therefore, it is expected that the implementation of corporate governance can reduce the negative effect of entrenchment from the ultimate controlling shareholders to the related party transaction and earning quality. The samples of this research were manufacturing companies, taken from period 2004 to 2007.

This research proved that the entrenchment effect,  i.e. incentive of expropriarion from ultimate controlling shareholders positively affect the amount of related party transaction and negatively affect the earning quality. This research also proved that the alignment effect has negative effect to the amount of related party transaction and has positive effect to the earning quality. This showed that the related party transaction  is the way of the controlling shareholders to expropriate. It was proven that family ownership even strengthened the entrenchment effect, to the amount of transaction of related parties and the quality of earning.

Strong and solid corporate governance mechanism could effectively reduce the negative impact of entrenchment effect of controlling shareholders on both the amount of transaction as well as on the quality of earning. Considering various sensitivity tests, it can be said that the research yielded robust results.

Key words :

Ultimate ownership, Entrenchment’s Effect, Alignment’s Effect, Family ownership, Practice of Corporate Governance, Quality of earning, Related Party Transaction

ABSTRAK

Nama                    : Vera Diyanty

Program studi     : Pasca Ilmu Akuntansi

Judul Penelitian : Pengaruh Kepemilikan Pengendali Akhir terhadap Transaksi Pihak Berelasi dan Kualitas Laba

Penelitian ini bertujuan untuk menginvestigasi dampak insentif ekspropriasi pemegang saham pengendali akhir terhadap besaran transaksi pihak berelasi dan kualitas laba. Penelitian ini juga meneliti peran moderasi dari kepemilikan keluarga dan praktik penerapan corporate governance (CG) terhadap besaran transaksi pihak berelasi dan kualitas laba serta. Penelitian ini berargumen bahwa perusahaan dengan pemegang saham pengendali keluarga memiliki konflik keagenan yang lebih besar antara pemegang saham pengendali dengan pemegang saham nonpengendali sehingga berpotensi untuk terjadinya entrenchment. Pemegang saham pengendali keluarga secara tidak langsung akan mempengaruhi besaran transaksi pihak berelasi dan kualitas laba. Praktik CG diperlukan sebagai mekanisme untuk membantu pihak eksternal agar dapat dengan tepat mengawasi pihak internal (manajemen dan pemegang saham pengendali) serta melindungi hak pemegang saham termasuk pemegang saham nonpengendali. Dengan demikian penerapan CG diharapkan dapat mengurangi efek negatif entrenchment pengendali akhir terhadap transaksi pihak berelasi dan kualitas laba. Sampel penelitian merupakan perusahaan manufaktur dari tahun 2004 hingga 2007.

Penelitian ini memberikan bukti terjadinya efek entrenchment, yaitu insentif ekspropriasi pemegang saham pengendali akhir berpengaruh positif terhadap besaran transaksi pihak berelasi dan berpengaruh negatif terhadap kualitas laba.  Penelitian ini juga menemukan efek alignment, yaitu tingkat kepemilikan pemegang saham pengendali berpengaruh negatif terhadap besaran transaksi pihak berelasi dan berpengaruh positif pada kualitas laba. Hal ini menunjukkan bahwa transaksi pihak berelasi umumnya merupakan saluran ekspropriasi pemegang saham pengendali. Kepemilikan keluarga terbukti makin memperkuat efek entrenchment terhadap transaksi pihak berelasi dan kualitas laba. Praktik corporate governance yang kuat terbukti merupakan mekanisme yang efektif dalam mengurangi dampak negatif efek entrenchment pemegang saham pengendali baik terhadap besaran transaksi pihak berelasi maupun kualitas laba. Hasil penelitian ini secara umum terbukti robust setelah mempertimbangkan berbagai pengujian sensitivitas.

Kata Kunci : Kepemilikan Pengendali Akhir, Efek Entrenchment, Efek Alignment, Kepemilikan Keluarga, Praktek Corporate Governance, Kualitas Laba, Transaksi Pihak Berelasi.